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Regionalism or Multilateralism? A Political Economy Choice

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Author Info
Giorgia Albertin

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Abstract

This paper provides a political economy analysis of the incentives underpinning a country's decision to enter a regional trade agreement when a multilateral free trade agreement is available, and of how entering a regional trade agreement affects the incentives to pursue multilateral trade liberalization. Taking into account the influence exerted by organized interest groups in the formation of trade agreements, we derive a formal condition under which a regional trade agreement is preferred to a multilateral one. Furthermore, we show that a country's decision to enter a regional trade agreement unambiguously undermines the incentives towards multilateral trade liberalization.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/65.

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Length: 26 pages
Date of creation: 20 Mar 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/65

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Keywords: International trade agreements ; Multilateral trade negotiations ; Trade liberalization ;

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    Other versions:
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    Other versions:
  4. Cadot, Olivier & de Melo, Jaime & Olarreaga, Marcelo, 1997. "Lobbying and the Structure of Protection," CEPR Discussion Papers 1574, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
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  13. Mayer, Wolfgang, 1984. "Endogenous Tariff Formation," American Economic Review, American Economic Association, vol. 74(5), pages 970-85, December. [Downloadable!] (restricted)
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    Other versions:
  15. Bagwell, Kyle & Staiger, Robert W, 1997. "Multilateral Tariff Cooperation during the Formation of Free Trade Areas," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(2), pages 291-319, May.
    Other versions:
  16. Winters, L. Alan, 1996. "Regionalism versus Multilateralism," CEPR Discussion Papers 1525, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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